SINGAPORE (Nov 19): On Oct 17, Canada became the second country in the world after Uruguay to legalise recreational marijuana. Canadian medical marijuana producers have signed supply agreements with government-approved cannabis wholesalers in the country. However, the medical marijuana market remains the cannabis producers’ main focus for the time being. 

In its results announcement for the ­July-September quarter, Canadian cannabis producer Aurora Cannabis says the international medical market for marijuana has significant growth prospects, and is expected to grow to 10 million kilograms per annum. Arcview Market Research estimates total cannabis market spending in North America will grow from US$9.2 billion ($12.7 billion) in 2017 to US$47.3 billion by 2024. For the rest of the world, it is expected to grow from US$52 million to US$2.5 billion in the same period.

No surprise then that companies are falling over themselves to address this market. Canada-based Tilray listed on Nasdaq in July. The company is developing and distributing medical marijuana to over 10 countries, with Canada being its biggest market. Tilray’s main products are dried cannabis and cannabis oil, which are predominantly used in the medical marijuana industry.

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